EV sales projected to grow ten times by end of decade; EV charger infrastructure investment to exceed $95 B
Internally developed software platform monitors unique charger types, individually or collectively
Charge Infrastructure and ANS leverage synergies to develop proprietary response solutions
NEW YORK, NY / ACCESSWIRE / October 26, 2022 / Charge Enterprises, Inc. (NASDAQ:CRGE) today announced that its electric vehicle infrastructure business unit is developing and will soon test a cloud software platform anticipated to automate and simplify remote monitoring, management, and data reporting for many of the available EV charging hardware systems on the market and connect simultaneously to different branded chargers.
Expected to be deployed early in 2023, the software will provide custom integration of desired charging data, including charger utilization, remote monitoring, utility fees, and energy management analysis per charger or all chargers collectively.
"The key to our offering is one software for all of your chargers, regardless of manufacturer," said Mark LaNeve, President of Charge Enterprises. "Charge Infrastructure is a premier EV infrastructure provider offering customized charging solutions, and often our customers install different manufacturer L2 and L3 fast charging systems on a given site or across a portfolio. Customers desire to have one monitoring solution, customized software packages, which address a multi-charger scheme, so we elected to design our cloud-based platform."
The differentiator of this software platform is the ability to monitor the charging hardware remotely across certain Electric Vehicle Service Equipment (EVSE) branded equipment. When launched, Charge will offer the new software platform to customers with networked charging infrastructure, enabling the client to access real-time data through a mobile application and providing a central monitoring dashboard solution for their charging network.
This EV charging software is a second infrastructure monitoring software package designed inside of the company. Earlier this year, Advanced Network Services (ANS), a wholly owned subsidiary of Charge Enterprises, developed and launched the Network Operations Center (NOC) with the capability to provide wireless broadband customers with high-quality monitoring, maintenance, and service. The system generates significant recurring revenue for ANS and is expected to grow annually.
ANS and Charge Infrastructure will collaborate and test proprietary solutions for network monitoring, ticketing, dispatching, and field services to provide superior response time and quality service for EV customers. Charge expects the platform to enable full automation of internal business processes, which will further benefit business partners and clients.
"EV sales are growing faster than most people understand," said LaNeve. "U.S. auto dealers sell 16 to 18 million vehicles annually. In the next two years, EV sales will grow by 2.5 times and nearly ten times by the end of the decade. The charging infrastructure needed for this transformation is enormous, exceeding $95 billion by 2030.1 Dealers and auto manufacturers are investing heavily and require outside expertise to drive consumer adoption."
According to LaNeve, Charge aligns the EV charging infrastructure to support industry clients with safe, reliable, scalable, and flexible solutions that offer exceptional experience for owners and users of charging equipment. This software technology initiative is the foundation for a next-generation, cloud-based charging data platform to enable remote monitoring.
"Electric Vehicle Outlook 2022," BloombergNEF.
About Charge Enterprises, Inc.
Our Telecommunications business ("Telecommunications") has provided routing of both voice, data and short message services ("SMS") to carriers and mobile network operators ("MNOs") globally for over two decades and is poised to selectively add profitable products and services to this long-established business.
Our Infrastructure business ("Infrastructure") has a primary focus on two fast growing sectors: broadband, including cell tower, small cell, and in-building applications, and electric vehicle ("EV") charging. Solutions for these two sectors include: design and engineering, equipment specification and sourcing, installation, data and software solutions, and service and maintenance.
To learn more about Charge, visit Charge Enterprises, Inc.
ANS Advanced Network Services, a wholly owned subsidiary of Charge Enterprises, delivers turnkey EF&I (Engineering, Furnishing and Installation) telecommunications solutions, including In-Building Wireless, Tower Services, Network Infrastructure, DC Power Systems, AC Electrical, Monitoring and Maintenance, and EV Charging Stations. ANS' Network Operations Center (NOC) is a scalable 24x7 monitoring & maintenance, dispatch, and repair of critical communications systems, connected devices, and smart infrastructure. The Peel-It dashboard provides the customer access to actionable key performance indicators, alarms, and service tickets to maximize quality of service, visibility, and reliability. The ANS product lines are run by dedicated teams of subject matter experts who ensure that each project is completed to customer specifications on-time and on-budget. With demonstrated success with small projects, all the way to multi-million dollar building expansions, raw land builds, and campus wireless deployments, ANS personnel have the specific experience needed for whatever mission critical communications project you may have. The company also provides communications system and DC power system test and turn up, and 24-7 maintenance and monitoring services.
Notice Regarding Forward-Looking Information
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect current expectations or beliefs regarding future events or Charge's future performance. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "continues", "forecasts", "projects", "predicts", "intends", "anticipates", "targets" or "believes", or variations of, or the negatives of, such words and phrases or state that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. All forward-looking statements, including those herein, are qualified by this cautionary statement.
Although Charge believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements involve risks and uncertainties, and actual results may differ materially from any future results expressed or implied by such forward-looking statements. Such risks and uncertainties include the business plans and strategies of Charge, Charge's future business development, market acceptance of electric vehicles, Charge's ability to generate profits and positive cash flow, changes in government regulations and government incentives, subsidies, or other favorable government policies, and other risks discussed in Charge's filings with the U.S. Securities and Exchange Commission ("SEC"). Readers are cautioned that the foregoing list of risks and uncertainties is not exhaustive of the factors that may affect forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this press release speak only as of the date of this press release or as of the date or dates specified in such statements. For more information on us, investors are encouraged to review our public filings with the SEC which are available on the SEC's website at www.sec.gov. Charge disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
Jeff Kuhlman (571) 246-3857
Deborah Mazza (239) 220-6310
Christine Cannella (954) 298-6518
Carolyn Capaccio, CFA (212) 838-3777
SOURCE: Charge Enterprises Inc.
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